| 银行特许权价值的内生风险约束效应——基于中国上市银行的实证研究 |
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| 引用本文： | 彭寿康,戴亭园.银行特许权价值的内生风险约束效应——基于中国上市银行的实证研究[J].金融理论与实践,2011(2). |
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| 作者姓名： | 彭寿康 戴亭园 |
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| 作者单位： | 浙江工商大学金融学院,浙江,杭州,310018 |
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| 摘 要： | 本文采用托宾Q值来衡量上市银行的特许权价值,基于分阶段动态回归模型,对银行特许权价值的影响因素及其风险约束效应进行研究。实证结果显示,外生性和内生性的银行特许权价值都有显著的风险约束效应;回归结果可以通过稳健性检验。
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| 关 键 词： | 特许权价值 风险约束 托宾Q值 内生性 |
Endogenous Risk Disciplining Effect of Bank Charter Value:Evidence from the Listed Banks in China |
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| Peng Shou-kang,Dai Ting-yuan.Endogenous Risk Disciplining Effect of Bank Charter Value:Evidence from the Listed Banks in China[J].Financial Theory and Practice,2011(2). |
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| Authors: | Peng Shou-kang Dai Ting-yuan |
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| Institution: | Peng Shou-kang,Dai Ting-yuan |
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| Abstract: | Using Tobin's Q measurement,this paper was based on multi-steps dynamic regression model to analyze the determinants and risk-disciplined effect of the charter value.The result indicates that the exogenous and endogenous charter value had a disciplining effect on risk-taking.And the results can be confirmed by the robustness checks. |
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| Keywords: | Franchise Value Risk Restriction Tobin's Q Endogenous Character |
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